Australians are extending the length of their mortgages in a desperate bid to bring down ever-increasing repayment amounts, but experts have warned it’s a short-term fix that could cause long-term pain.
New Finder research suggests 429,000 borrowers have added years to the length of their loan term in an attempt to fend off rising interest rates, with the cost of the average mortgage now $21,000 more per year compared with April 2022 when rates began to rise.
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